Well they say the more it goes up the harder they fall, and this was definatly the case with financials today. Bank of America gave up 25% despite having a great 1st quarter making more then the company made the whole of last year.
As expected bonds came back in favour with the bund rallying 100 ticks, to almost trade 123s. The "leaked" stress test report has certainly raffled a few feathers but its hard to tell how much it is to be believed.
Looking forward I would imagine a further consolidation to the downside before we think of going much higher for stocks, and for bunds,I'm still looking for 124s.
On a personal note I will be gone for the next week, happy trading!
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